Do you know how you will pay for long-term care?
As of 2010 there were at least 7 million Americans needing long term care services. It is estimated that by 2020 the number of Americans needing nursing home services will rise to 12 million. To put those numbers in perspective, The National Academy of Elder Law Attorneys conducted a study which showed the odds are that 49% of Americans reaching age 65 will need long term care services. That means that roughly 1 out of every 2 seniors will be faced with having to finance long-term care.
Planning Could Save You Thousands
With the number of people potentially faced with having to fund long-term care of a loved one, combined with the high cost of nursing homes, it becomes imperative to be proactive and develop a plan in case the situation should arise. Improper planning can have detrimental consequences including spousal impoverishment and Medicaid claims against your estate. With proper planning, however, you can be assured funds or benefits will be available when and if the time comes they are needed.
The Council Law Firm, PLLC, is dedicated to helping clients determine the most efficient means of providing for the long-term care of either yourself or a loved one. This may mean planning with Medicaid, annuities, VA Benefits, mortgage strategies, Trusts or others. We take into consideration your values and financial goals and then develop a strategy for funding based on your individual intentions and resources. Mr. Council is eager to assist with your elder law issues. Call us today to set up and appointment. The initial consultation is free.